How do Closing Costs Work?

Every home sale involves fixed costs. Sellers and buyers almost always split these closing costs, as specified in the real estate sales contract.

As you'll see below, many of the costs result from getting your mortgage. Since Sky Apply Mortgage, Inc has extensive experience with closings & mortgages, we often explain the details of closing costs.

Loan Estimates (LEs)

Soon after you submit your application, we will give you the "Loan Estimate" of your closing costs. The closing costs spelled out in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at the closing table.

Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Escrow Account
  • Taxes
  • Loan-related costs
  • Points — A fee paid to lower your interest rate (optional)
  • Appraisal Costs
  • Getting Your Credit Report
  • Up-front Interest Payment
Property Taxes
  • Insurance
  • Recording Fees and Transfer Taxes
Homeowners Insurance
  • Flood or Earthquake Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance

Sky Apply Mortgage, Inc can answer questions about these closing costs. Call us: (813) 200-7931.

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